Not Again

Congress passed a new 'financial reform' bill today.

The law will give the government new powers to break up companies that threaten the economy.

Like the democrap party, or the obama administration? Or maybe GM, or the energy industry?

A powerful council of regulators would be on the lookout for risks across the finance system. Large, failing financial institutions would be liquidated and the costs assessed on their surviving peers.

Oh great. Firms that run their businesses right will have to bailout those that don’t. Kind of like those of us who pay our mortgages have to subsidize those who don’t.

Republicans said the bill is a vast federal overreach that will drive financial-sector jobs overseas.

Just like the offshore drilling rigs, sailing away into the sunset.

At an eye-glazing 390,000 words — half the size of the King James Bible — the legislation doesn't offer a quick remedy, however. Rather, it lays down prescriptions for regulators to act. In many cases, the real impact won't be felt for years.

Just like obamacare. How many bozos who voted for it actually read it?

Named after Dodd and Massachusetts Rep. Barney Frank, the Democratic committee chairmen who steered it to passage…

And who are responsible for getting us into this mess in the first place…

Borrowers are to be protected from hidden fees and abusive terms, but also will have to provide evidence that they can repay their loans, thus halting the no-document loans that had flooded the markets.

AKA liar loans (or NINJA loans – No Income, No Jobs or Assets)

"The result will be over 5,000 pages of new regulations on traditional banks and years of uncertainty as to what the massive new rules will mean” … (the bill also does not address) mortgage financing giants Fannie Mae and Freddie Mac, whose questionable lending helped start a collapse in the housing market.

START the collapse?!? How about CAUSE the collapse? If they didn’t make loans to people who couldn’t afford them there wouldn’t have been a bubble in the first place, much less a bursting of that bubble.

Some supporters of the bill also voiced reservations, claiming the bill did not give regulators specific direction on how to implement and enforce new rules.

"Congress largely has decided instead to punt decisions to the regulators, saddling them with a mountain of rule-makings and studies," said Sen. Ted Kaufman, D-Del.

Gee, what a surprise. Congress ducking a tough issue and passing the buck.

To paraphrase Peter, Paul, and Mary: “When will we ever learn?”

Remember, Nov. 2 is Take Out The Trash Day.